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Ready, set: after Trump's speech, new problems for DOGE
By Davide Grammatica
Trump's inauguration doesn't move markets, but there are already new problems for Musk's Department of Government Efficiency (DOGE)
The new Trump era
Trump ‘s second term as U.S. president opened without any particular “fireworks” in the crypto world. There was no mention of Bitcoin in the inaugural address, nor of other cryptos, but then again, there had been enough talk of “presidential” cryptocurrencies in the days before.
The result is Bitcoin experiencing considerable volatility, with the price fluctuating throughout the range between $100k and $110k in just 24 hours . For altcoins, likewise, there are no major jumps, and investors seem to have stifled the euphoria that had accompanied the beginning of this new era.
Of relevance, however, are the first problems of the new administration, involving Elon Musk and, to some extent, the crypto world as well.
Some U.S. public organizations, in fact, have reportedly already sued the new president regarding the launch of the Department of Government Efficiency (DOGE), which according to plans should be led by Elon Musk
These are, specifically, the nonprofit Public Citizen, theAmerican Federation of Government Employees (AFGE), and the State Democracy Defenders Fund, which would argue that the operations of DOGE are illegitimate, outside of the “Federal Advisory Committee Act.”
DOGE's problems
According to what the president himself remarked in his inaugural address, the Department of Government Efficiency should lead a process of downsizing federal spending in the U.S., all under the leadership of Elon Musk. Musk himself has proposed to cut more than $2 trillion in spending, now going to labor, nongovernmental organizations and other agencies.
“AFGE will not stand idly by while a secretive group of ultra-rich individuals with major conflicts of interest attempt to deregulate and give their corporations lucrative government contracts, laying off public employees and dismantling institutions designed to serve the American people,” Everett Kelley, national president of AFGE, said on the matter
